m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Feb 1, 2023 10:58:28 GMT
I just messaged them via live chat. Interest should be paid later today. Its now a manual process due to the calculation of the fee & will be a paid later as last month.
|
|
|
Post by nbk on Feb 1, 2023 10:58:58 GMT
Has anyone received their January interest? Logged on this morning to see that interest not paid into cash account for withdrawal. This happened in Jan when interest came around 3rd Jan. I thought this might have been because of year end / New Year bank hols etc and ramping back up. But seems, no, they just aren't bothereed. I'm going to guess it'll be paid on Friday 3rd Feb. Interest was always there first thing on 1st of every month , but this is just another liberty being taken we'll have to suck up. At least they are doing the right thing re allowing Flexible ISA balances to be funded and transferred out to save that ISA wrapper.
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Feb 1, 2023 11:03:39 GMT
Check your account later today. Interest is now calculated manually & will be paid later each month.
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Feb 1, 2023 11:08:13 GMT
Has anyone received their January interest? Logged on this morning to see that interest not paid into cash account for withdrawal. This happened in Jan when interest came around 3rd Jan. I thought this might have been because of year end / New Year bank hols etc and ramping back up. But seems, no, they just aren't bothereed. I'm going to guess it'll be paid on Friday 3rd Feb. Interest was always there first thing on 1st of every month , but this is just another liberty being taken we'll have to suck up. At least they are doing the right thing re allowing Flexible ISA balances to be funded and transferred out to save that ISA wrapper. Have you been able to transfer any of your ISA out? I understand only ISA interest or redeemed loan cash can be moved??? I don't expect to see any significant ISA cash account payments until June or July.
|
|
|
Post by nbk on Feb 1, 2023 15:00:18 GMT
This happened in Jan when interest came around 3rd Jan. I thought this might have been because of year end / New Year bank hols etc and ramping back up. But seems, no, they just aren't bothereed. I'm going to guess it'll be paid on Friday 3rd Feb. Interest was always there first thing on 1st of every month , but this is just another liberty being taken we'll have to suck up. At least they are doing the right thing re allowing Flexible ISA balances to be funded and transferred out to save that ISA wrapper. Have you been able to transfer any of your ISA out? I understand only ISA interest or redeemed loan cash can be moved??? I don't expect to see any significant ISA cash account payments until June or July. I had withdrawn cash over the year from my ISA (incl balances from previous ISA years). So my flexble balance (how much I could return to ISA in current tax year) increased by equivalent amount. I have now deposited that cash back into the Assetz ISA (cash acct) and instructed a transfer out from another ISA provider. This will preserve that element within an ISA wrapper. Assetz sent an email on this being allowed yesrday evening
|
|
|
Post by nbk on Feb 3, 2023 15:05:30 GMT
Have you been able to transfer any of your ISA out? I understand only ISA interest or redeemed loan cash can be moved??? I don't expect to see any significant ISA cash account payments until June or July. I had withdrawn cash over the year from my ISA (incl balances from previous ISA years). So my flexble balance (how much I could return to ISA in current tax year) increased by equivalent amount. I have now deposited that cash back into the Assetz ISA (cash acct) and instructed a transfer out from another ISA provider. This will preserve that element within an ISA wrapper. Assetz sent an email on this being allowed yesrday evening Just an update on this for general information. I deposited cash into my Assetz ISA on Tues 31st Jan and Wed 1st Feb to utilise all the flexible allowance available, and also requested an ISA tarnsfer from another ISA provider for the relevant amount on Wed 1st Feb. On Thursday (2nd Feb), Assetz confirmed that they had received the transfer request and had completed all the admin necessary and would start the transfer. On Friday (today, 3rd Feb), the funds were withdrawn from my Assetz ISA account. Now, the speed of this is somewhat dependent on how quickly the 3rd party ISA provider processed the transfer request, but good to see Assetz dealing with their responsibilities on this very swiftly.
|
|
rscal
Posts: 911
Likes: 500
|
Post by rscal on Feb 3, 2023 15:16:22 GMT
I had withdrawn cash over the year from my ISA (incl balances from previous ISA years). So my flexble balance (how much I could return to ISA in current tax year) increased by equivalent amount. I have now deposited that cash back into the Assetz ISA (cash acct) and instructed a transfer out from another ISA provider. This will preserve that element within an ISA wrapper. Assetz sent an email on this being allowed yesrday evening Just an update on this for general information. I deposited cash into my Assetz ISA on Tues 31st Jan and Wed 1st Feb to utilise all the flexible allowance available, and also requested an ISA tarnsfer from another ISA provider for the relevant amount on Wed 1st Feb. On Thursday (2nd Feb), Assetz confirmed that they had received the transfer request and had completed all the admin necessary and would start the transfer. On Friday (today, 3rd Feb), the funds were withdrawn from my Assetz ISA account. Now, the speed of this is somewhat dependent on how quickly the 3rd party ISA provider processed the transfer request, but good to see Assetz dealing with their responsibilities on this very swiftly. This method seems arcane to me - unless moving one balance at one time to your new provider is necessary to satisfy a 'lump sum' investment of current year allowance money. IIUIC, you can part fund a year [say 2022/23] by transfer in but then the remaining annual allowance automatically becomes available to the new provider as 'new[ly deposited]' cash. I don't know why one would involve the current-year former provider in this way..
|
|
|
Post by nbk on Feb 4, 2023 16:04:17 GMT
Just an update on this for general information. I deposited cash into my Assetz ISA on Tues 31st Jan and Wed 1st Feb to utilise all the flexible allowance available, and also requested an ISA tarnsfer from another ISA provider for the relevant amount on Wed 1st Feb. On Thursday (2nd Feb), Assetz confirmed that they had received the transfer request and had completed all the admin necessary and would start the transfer. On Friday (today, 3rd Feb), the funds were withdrawn from my Assetz ISA account. Now, the speed of this is somewhat dependent on how quickly the 3rd party ISA provider processed the transfer request, but good to see Assetz dealing with their responsibilities on this very swiftly. This method seems arcane to me - unless moving one balance at one time to your new provider is necessary to satisfy a 'lump sum' investment of current year allowance money. IIUIC, you can part fund a year [say 2022/23] by transfer in but then the remaining annual allowance automatically becomes available to the new provider as 'new[ly deposited]' cash. I don't know why one would involve the current-year former provider in this way.. Not arcane in the least, in fact - this is the only possible way to achieve the desired result. Just to clarify, I'm talking about previous years ISA contributions here. So say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothining in 22/23 but withdraw the existing £60k in 22/23. Your 'flexible ISA amount' in Assetz will show as £80k (£60k plus £20k available in 22/23). So , yo need to depoist £60k into the Assetz ISA Cash acct and transfer it out to a 3rd party provider as above to preserve the £60k within the tax wrapper. My main point is that Assetz have performed the admin very quickly - which is useful info for anyone wanting to do the same
|
|
|
Post by essexboy on Feb 5, 2023 14:58:53 GMT
This method seems arcane to me - unless moving one balance at one time to your new provider is necessary to satisfy a 'lump sum' investment of current year allowance money. IIUIC, you can part fund a year [say 2022/23] by transfer in but then the remaining annual allowance automatically becomes available to the new provider as 'new[ly deposited]' cash. I don't know why one would involve the current-year former provider in this way.. Not arcane in the least, in fact - this is the only possible way to achieve the desired result. Just to clarify, I'm talking about previous years ISA contributions here. So say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothining in 22/23 but withdraw the existing £60k in 22/23. Your 'flexible ISA amount' in Assetz will show as £80k (£60k plus £20k available in 22/23). So , yo need to depoist £60k into the Assetz ISA Cash acct and transfer it out to a 3rd party provider as above to preserve the £60k within the tax wrapper. My main point is that Assetz have performed the admin very quickly - which is useful info for anyone wanting to do the same Thanks for the example. I must admit that I found the AC email confusing, but research seems to suggest that replacements have to be done in the same tax year. This seems to mean: This is ok (your example)Say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothing in 22/23 but withdraw the existing £60k in 22/23. Your 'flexible ISA amount' in Assetz will show as £80k (£60k plus £20k available in 22/23). You then deposit £60k in 22/23 and transfer out to a new provider. This is NOT ok (next tax year)Say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothing in 22/23 but withdraw the existing £60k in 22/23. You then deposit £60k in 23/24 (or later) and transfer out to a new provider. Agreed? I ask since I, like many, withdrew mainly in the 20/21 tax year, meaning I have no chance of replacing this money (like you can when it falls in the same tax year).
|
|
|
Post by Ace on Feb 5, 2023 17:25:18 GMT
You are correct. Flexibly withdrawn ISA cash must be returned in the same tax year that it was withdrawn to maintain its ISA status.
|
|
rscal
Posts: 911
Likes: 500
|
Post by rscal on Feb 5, 2023 20:02:29 GMT
You are correct. Flexibly withdrawn ISA cash must be returned in the same tax year that it was withdrawn to maintain its ISA status. And this 'flexibly withdrawn' capital may be from past [non-current] tax years also?
|
|
|
Post by Ace on Feb 5, 2023 20:14:14 GMT
You are correct. Flexibly withdrawn ISA cash must be returned in the same tax year that it was withdrawn to maintain its ISA status. And this 'flexibly withdrawn' capital may be from past [non-current] tax years also? Yes
|
|
|
Post by Ace on Feb 5, 2023 20:29:58 GMT
And this 'flexibly withdrawn' capital may be from past [non-current] tax years also? Yes I should add, unless it's a Kuflink ISA. As Kuflink has failed to implement ISA flexibility properly. See p2pindependentforum.com/post/468421/thread.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,850
Likes: 11,078
|
Post by ilmoro on Feb 5, 2023 21:23:29 GMT
You are correct. Flexibly withdrawn ISA cash must be returned in the same tax year that it was withdrawn to maintain its ISA status. And this 'flexibly withdrawn' capital may be from past [non-current] tax years also? Correct. If you have current & previous year money in an ISA then withdrawals will be considered as current year money then previous year, deposits previous year then current. Flexibility also allows current year money to be moved to an ISA of a different type and will be treated as if it was never subscribed to the original ISA ie doesn't have to be replaced. This only applies to subscriptions, any withdrawals above the subscribed amount eg income/gains have to be returned to ISA from whence it came. Never withdraw all previous year money as it can't be replaced if the account is closed ... ie the account can't be reopened.
|
|
|
Post by nbk on Feb 6, 2023 10:09:24 GMT
Not arcane in the least, in fact - this is the only possible way to achieve the desired result. Just to clarify, I'm talking about previous years ISA contributions here. So say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothining in 22/23 but withdraw the existing £60k in 22/23. Your 'flexible ISA amount' in Assetz will show as £80k (£60k plus £20k available in 22/23). So , yo need to depoist £60k into the Assetz ISA Cash acct and transfer it out to a 3rd party provider as above to preserve the £60k within the tax wrapper. My main point is that Assetz have performed the admin very quickly - which is useful info for anyone wanting to do the same Thanks for the example. I must admit that I found the AC email confusing, but research seems to suggest that replacements have to be done in the same tax year. This seems to mean: This is ok (your example)Say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothing in 22/23 but withdraw the existing £60k in 22/23. Your 'flexible ISA amount' in Assetz will show as £80k (£60k plus £20k available in 22/23). You then deposit £60k in 22/23 and transfer out to a new provider. This is NOT ok (next tax year)Say you invest £20k is Assetz ISA on 19/20, £20k in 20/21 and £20k in 21/22. Then put nothing in 22/23 but withdraw the existing £60k in 22/23. You then deposit £60k in 23/24 (or later) and transfer out to a new provider. Agreed? I ask since I, like many, withdrew mainly in the 20/21 tax year, meaning I have no chance of replacing this money (like you can when it falls in the same tax year). Yes agree. Although I would point out that once the tax year clicks over to a new tax year (on 6th April), then the Assetz 'Flexible ISA' allowance would be updated to remove the flexibility just lost (and just reset to £20k allowance for the new incoming tax year) - so you would never actually be able to deposit the £60k (in example above) in 23/24. This is why you must preserve the ISA wrapper allowances in the current tax year.
|
|